Moody’s Investors Service downgraded Manitowoc County’s credit one notch to A1 ahead of its sale of $5 million of note anticipation notes this week due to its pressured financial position. The action affects $21 million of debt.

Proceeds from the Nan issue — which received top short-term marks — will provide interim financing for construction of the county’s joint dispatch center and information systems project. The notes will be refunded next fall with taxable refunding Build America Bonds.

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